Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Pfizer Inc. pages available for free this week:
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Pfizer Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04).
An examination of the balance sheet information reveals notable fluctuations in liabilities and stockholders’ equity over the observed period, spanning from April 2021 to December 2025. Overall, total liabilities and equity demonstrate an increasing trend, though with periods of contraction, particularly noticeable in late 2024 and early 2025.
- Current Liabilities
- Current liabilities exhibited a significant increase from approximately US$26.7 billion in April 2021 to a peak of US$47.4 billion in July 2022. Subsequently, these liabilities decreased to US$31.1 billion by October 2023, before rising again to US$47.8 billion in December 2023. A downward trend is then observed through December 2025, settling at US$36.984 billion. Within current liabilities, trade accounts payable remained relatively stable, fluctuating between US$5.1 billion and US$6.8 billion. Short-term borrowings showed substantial volatility, peaking at US$10.4 billion in December 2023, following a low of US$0.645 billion in April 2022. Income taxes payable also displayed considerable variation, reaching a high of US$4.496 billion in October 2021 and fluctuating throughout the period.
- Noncurrent Liabilities
- Noncurrent liabilities remained relatively stable between approximately US$61 billion and US$64 billion for much of the period. A notable increase occurred in December 2023, reaching US$89.4 billion, before decreasing to US$81.9 billion by December 2024 and US$84.4 billion by December 2025. Long-term debt, excluding the current portion, constituted the largest component of noncurrent liabilities, consistently above US$30 billion. Pension and postretirement benefit obligations gradually decreased over the period, from US$5.2 billion in April 2021 to US$2.041 billion in December 2025. Other taxes payable also showed a decreasing trend, falling from US$11.759 billion to US$3.591 billion over the same timeframe.
- Stockholders’ Equity
- Total stockholders’ equity generally increased from US$68.9 billion in April 2021 to a peak of US$101.2 billion in December 2023. A subsequent decline was observed, reaching US$86.8 billion in December 2025. Retained earnings were the primary driver of this trend, increasing from US$95.2 billion to US$128.8 billion before decreasing to US$114.6 billion. Treasury stock consistently represented a significant deduction from equity, with a negative balance exceeding US$111 billion throughout the period. Common stock and additional paid-in capital remained relatively stable, with modest increases over time. Equity attributable to noncontrolling interests remained consistently below US$300 million.
The observed fluctuations in liabilities and equity suggest dynamic financial management and potentially significant strategic decisions, such as debt financing and share repurchases. The increase in short-term borrowings in late 2023, followed by a decrease, warrants further investigation. The overall trend of increasing equity, despite periods of decline, indicates a generally strengthening financial position, although the recent decrease requires monitoring.